Smart card software company, Cardbase Technologies, has raised a further #8.0 million ($7.7 million) in funds, valuing the company at around #48 million.

Subscribers to the investment include both new and existing shareholders. Esat founder Mr Denis O'Brien has taken a 10 per cent stake, and has been offered a seat on the board, while ICC and Jafco, Japan's leading venture capital firm, have increased their stakes to 20 per cent and 9 per cent respectively.

The placing was arranged by IBI Corporate Finance.